MOSCOW, October 24. /TASS/. The ruble's growth slowed during trading on the Moscow Exchange but later the exchange rate of the Russian currency began to strengthen, following the Central Bank’s decision to lower the key rate to 16.5% per annum, according to trading data.

As of 1:25 p.m. Moscow time (10:25 a.m. GMT), before the regulator’s decision was announced, the yuan exchange rate was down by 3.4 kopecks at 11.343 rubles. As of 1:30 p.m. Moscow time (10:30 a.m. GMT), the yuan was down by 2.2 kopecks at 11.355 rubles. By 1:50 p.m. Moscow time (10:50 a.m. GMT), the yuan had extended losses to 9.8 kopecks as it traded at 11.279 rubles.

The Bank of Russia has decided to lower its key rate by 0.5 percentage points to 16.5% per annum. The regulator indicated that it will maintain monetary conditions as tight as necessary to return inflation to its target.